Ahold Delhaize is reporting on the use of the capital raised from its second Green Bond, issued in March 2024, by publishing its third Green Bond Allocation and Impact Report. The report captures an increasingly integrated strategy between investments, climate transition, and operational management in food retail. Throughout 2025, the group continued to implement its climate mitigation plan, directing resources toward low- and zero-emission technologies. These initiatives are part of the "Growing Together" strategy, which calls for annual investments equal to approximately 3% of net sales, confirming a structural and ongoing approach to sustainability.
The €500 million Green Bond placed in 2024 primarily targeted resources in the Pollution Prevention & Control and Energy Efficiency categories. Specifically, the initiatives focused on reducing leaks in refrigeration systems, reducing food and plastic waste, and progressively introducing natural, low-impact refrigerants. At its stores, the group invested in solutions to improve energy and operational efficiency, including LED lighting, refrigerated cabinet doors, heat recovery systems, heat pumps, and insulation improvements. These measures also included the deployment of electronic shelf labels, an increasingly crucial tool in large-scale retail for reducing waste and optimizing price management.
Part of the resources were also allocated to recycling infrastructure, such as bottle and can collection systems, in line with European circular economy policies. In 2025, 13 new buildings in Europe with EPC energy certification of level A or higher were also financed. Overall, the portfolio of eligible green projects reached a value of €1,141 billion at the end of 2025. The group stated that it had fully allocated both the proceeds of the 2023 and 2024 bonds, covering expenses incurred between 2022 and 2025.
From a financial perspective, the bonds have market-consistent characteristics: the 2023 bond offers a 3,5% coupon and matures in 2028, while the one issued in 2024 has a 3,375% coupon and matures in 2031. The framework's credibility is strengthened by external verifications: Sustainalytics provided the second-party opinion, while KPMG provided a limited assurance on the allocation report.
"Our green bonds support the group's climate ambitions in a transparent and disciplined manner," said CFO Jolanda Poots-Bijl, emphasizing the link between capital allocation, growth, and long-term sustainable value creation. For European retail, the Ahold Delhaize case confirms how sustainable finance tools are becoming concrete operational levers, capable of impacting stores, supply chains, and energy efficiency, as well as the ESG narrative.
